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Some people create emergencies by employing weak cashflow management practices, and they end up getting themselves into emergency situations through their own sloppiness and their failing/refusing to sufficiently prepare themselves.
You are actually right about this sir, most people are just too terrible in controlling money, you will see someone going for wants over needs, and when they have finished wasting the money on things they bearly needs, they will start lamenting that if they had known, they would have utilized the money wasted on this or that pressing needs, so not just in Bitcoin investment, in our daily lives also, once you fail to control your finance properly, at some point, you may run into trouble, which might affect your finance and your Bitcoin investment negatively, so a very good money management skills is greatly needed in other to be able to be successful in your holdings.
We likely know some of the kinds of people in real life who are frequently in a state of emergency, and part of the reason that they frequently find themselves in such emergency status is because they have put themselves there through poor cashflow management practices.
Improving cashflow management practices is something that anyone can learn, yet surely some folks are more challenged to learn strong cashflow management practices since they might even have troubles with deferring their own gratifications. and so it can sometimes take practice to improve or even someone who is willing to help someone else who has difficulties with their cashflow management practices.
And, surely, we do not have any obligation to help everyone we encounter who we see are having problems with their cashflow management practices. Many of have perhaps attempted to help others with their cashflow management practices, and surely we can also learn about ourselves in such process, yet we can also lose patience with others, since some folks either do not want to learn or their level of problems are way higher than our willingness to commit to trying to help them.
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Now that the Bitcoin market is experiencing a high uptrend movement, you should expect more investors to troop in crypto space which will also result to a higher demand of Bitcoin thereby increasing the surge even further. Different governmental bodies are now adopting policies that are Bitcoin and crypto friendly in their bid to allow citizens to participate in this global financial system that's dominating the world. The buying interest of Bitcoin is on the high side already and I don't even think it's slowing down anytime soon.
Of course, some governments, institutions and even status quo rich individuals are distracted into shitcoins and even having some difficulties differentiating bitcoin from shitcoins, and so hopefully none of us are getting distracted in regards to our own mixing up of bitcoin and shitcoins and/or appreciating that bitcoin is the leader in this area, even if there might be various side shitcoin projects that are building tangentially or even affiliating themselves with bitcoin... some of them are more closely aligned with bitcoin than others, including some of the ETF products and various companies buying bitcoin and selling their stocks as for their value being that they are a bitcoin treasury company.
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I think that I have said this before that it's just a matter of time before Bitcoin rise to a million dollar or more because due to it huge potential, and the incoming Investors on a daily basis, Bitcoin will keeps on surging to a higher level, that's why we that are still among the early Investors really need to seize this golden opportunity and accumulate as much as possible , because time will come when $100k will not give you any significant fraction of Bitcoin, so now is the best time to buy Bitcoin, not tomorrow or next, do it now and hodl.
It is likely the case that we will continue to see various levels of BTC prices in the coming years, and surely anyone in their first few years of buying bitcoin may well not have any choice but to buy in these price territories, otherwise they are not preparing themselves for up.. and it is not good to ONLY prepare yourself in one BTC price direction, such as downward prices that might not end up happening.
So each of us likely have to ask ourselves the extent to which we are prepared for either bitcoin price direction, and it seems quite difficult that even someone buying bitcoin fairly aggressively for the last whole cycle (the last 4 years) would even have enough bitcoin by now in order to say that they have enough or more than enough... such as if they maybe had invested a whole year's salary into bitcoin in the last 4 years, then sure, maybe they could say that they had invested close to enough.. yet by definition, a person who had invested a whole year's income into bitcoin within 4 years would have had to have had been averaging the investing of around 25% of his income per year into bitcoin.
Maybe an example might help? Let's say that if a person has an income of about $31k per year, and if he had been investing
$150 per week, then each year, he would be investing about $7,800 into bitcoin, and in the past 4 years, he would have had accumulated about 0.87 BTC, which surely on a personal level, even though the bitcoin portfolio would truly be in good profits, I still would not consider that to be enough bitcoin for that person's income level.
Right now 0.87 BTC would have a 200-WMA value of about $41,340 and a BTC spot value of nearly $97k, which I would consider the sustainable income from that BTC stash size to merely be $4,134 per year, or $344 per month, so such person may well need another whole cycle of time to pass and perhaps even continued BTC accumulation at similar levels to try to get to a place in which he is at least able to sustain himself, which at minimum would be $23,200 per year, since he had been investing $7,800 of his income per year, so he had been living off of $23,200 per year, yet frequently people want to raise their standard of living, which is not unreasonable and with bitcoin it seems to be feasibly possible to accomplish such raising of the standard of living, especially for someone who might have had been able to accumulate bitcoin aggressively for a couple of cycles.
Building up a bitcoin investment is a product of how much put in and also the passage of time. It is not guaranteed, but surely seems to be amongst the better of places to put time, energy and value.
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Well, we should be able to put needs above desires, but it seems that some people still put their desires above their needs, making it difficult for them to manage their finances, and one of the factors that causes this is because they are too proud and maintain their prestige. I actually have no problem with that if they are able and do not force themselves.
And in relation to investment, investment should be a need (in my personal opinion), not a primary need, but at least when all our basic needs have been met, investment is something that is below those basic needs. When we make something a need, what happens is that we will try hard to get it. It may be a little tiring, but to achieve something, we must make sacrifices, whatever it is, as long as it does not violate certain norms or laws.
Strictly speaking, investing into bitcoin is not a need, even though we might consider it a priority, so sure, you can call it a need, but you seem to be mixing your definitions, since we get our discretionary income from the remaining of our income that exists after subtracting our expenses, and even our expenses might have levels of discretion within them, including that maybe we could live in a smaller house, drive a less expensive car, spend less on utilities, buy cheaper food, etc etc etc.
Surely investment into bitcoin can be set as a priority, and it could even be one of our perceived future needs to be able to sustain ourselves in the future and potentially be able to have the option to stop working, too. So for sure, the better that we are able to prepare for our future, then the more assurance that we might have that we would be able to either stop working or perhaps just to have more choices in connection with the level and kind of work that we choose to do.
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I think this issue will be more risky because I have always heard from many big investors that one should not borrow money from others to invest or invest outside of one's own interests. Now selling land and investing in Bitcoin may fall into the same category. It is certain that if you keep the land, the price of that land will increase gradually, but if you invest in Bitcoin, especially if you sell land, there is no guarantee that the investor will get a good return on that investment. I think that instead of selling land and investing in Bitcoin, the investor should invest some amount of money continuously depending on his income, so that on the one hand, his land will remain, but he will have a continuous investment. I gave such an opinion from my side, but my opinion may not agree with many, but if I were in my place, I would definitely not sell my land and invest in Bitcoin, but would do something alternative to invest.
You are presuming land to be equal or even a better investment than bitcoin, which truly has not been shown to be true, especially if we look at price performance in the past 10 years. Even though bitcoin is not guaranteed to perform equally to or even better than land, we also should not be blanketedly presuming that land is a better investment.
In the past 10 years, bitcoin has performed around 100x better than land (
about a week ago, I provided a description of the past 10 years). Right now, bitcoin is not showing itself as being overly inflated, and in fact bitcoin is still showing itself to be under appreciated. Land is not completely connected to fiat and debt based bubbles in all parts of the world, yet there are a lot of parts of the world where land is overly inflated, so it is seems quite illogical to blanketedly presume land is better than bitcoin, even if there are likely going to be transaction costs to actually sell land and to buy bitcoin and bitcoin has different risks in terms to how it is stored and perhaps how it is managed to in regards to buying and/or selling it.
It is a bit funny, even on a bitcoin forum, that so many guys automatically presume land to be a better place to hold value, even in spite of the past performance facts.. and yeah, past performance does not guarantee future performance, yet bitcoin's investment thesis is not exactly getting weaker with the passage of time, and there are several ways that bitcoin's investment thesis is getting stronger with the passage of time.